- 16 hours ago
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00:00We're going to get through the most crucial moments of the trading day that really nothing happened.
00:04I was just going to say, I am so bored. What a boring day.
00:07Like, bring on the earnings, bring on Walmart tomorrow, bring on retail.
00:11I just need something.
00:12She wants Cisco in just a few minutes.
00:14I mean, look, the S&P 500 is searching for direction much of the day,
00:17moving between gains and losses more than a dozen times.
00:20You can't really count. It happened so many times today.
00:23Yeah, I mean, this is definitely the case.
00:24But, you know, we need some boredom after the drama of April.
00:27Like, it's not such a terrible thing to have the S&P 500 up just kind of marginally.
00:31Although there is a lot of movement in the yield space, which Alex will get to.
00:34Yes, definitely movement in the yield space and I guess non-movement in the dollar space is kind of a good way to put it.
00:39But also, we were just talking about this with Steve Sosnick of Interactive Brokers.
00:43Just the idea, have we finally seen the hedge funds and the funds like CTAs and volatility control funds re-rate enough?
00:49Or are they still in the market having to buy?
00:51And is that sort of distorting any sort of fundamental read?
00:53I love that you went there because Eric Wiener was on with us and he had talked about, I think it was at Goldman Sachs,
00:58their trading desk, talking about the hedge funds with, you know, some of the activity that we've been seeing,
01:03certainly in the move up, has been short covering.
01:05So, you know, is it conviction or just kind of covering your trades?
01:08He also made the point that, look, there are people out there who argue this could be a calm before a storm.
01:14Or, you know, this trade war has really just been delayed at this point.
01:18No real resolution as of now.
01:19Right. We've got 90 days or actually, what, 87 days at this point until we get more resolution on what's happening between the U.S. and China.
01:27And for now, though, calm is where we're at.
01:30We're obviously still settling out here, but the S&P pretty much flat.
01:33And Aztec outperforming up seven-tenths of one percent.
01:35Dow Jones Industrial Average down by about three-tenths of one percent.
01:39I got to say, though, it's not widespread because the small caps, the Russell, down by about nine-tenths of one percent.
01:45And the equal weighted index for the S&P also trading a little heavier, down six-tenths.
01:50What's the conclusion?
01:51It's a tech-driven rally.
01:53Yeah, exactly.
01:54Taking a look at the S&P 500, Alex, a little bit of a deeper dive.
01:58You've got most names in the index, 353 to the downside, Scarlett, and 147 to the downside.
02:03So more of a risk-off trade, no doubt about it here.
02:06Yeah, but to back up your point, Alex, about this being a tech-driven rally, just look at the IMAP.
02:10There's 11 sectors in there, and three of them are in the green.
02:13Which three?
02:14Communications Services, Infotech, and Consumer Discretionary.
02:16That's where all the MAG-7 names are housed.
02:18And because of the size of Infotech, that's what's helping support the S&P 500 overall.
02:22On the flip side, health care stocks losing 2.3 percent as a group.
02:26Material is also down about 1 percent.
02:28All right.
02:28And maybe a positive sign.
02:29We actually had an IPO that did really well today.
02:32Yay.
02:33I know, exactly, exactly.
02:36It's like, opportunity, come to market, eToro.
02:39This one, at its highs, up almost 43 percent in today's session, its first day of trading as a public entity, closing with just shy of a 29 percent gain.
02:48We should point out, the trading and investment platform and some of its backers raising nearly $620 million.
02:54It was an upsized IPO, so that was also another positive sign.
02:58I'm going to move on to Super Micro, because this one, it is your biggest gainer in the S&P 500.
03:03And it was also active in the NASDAQ 100, a gain of about almost 16 percent here.
03:10This after a Saudi Arabia-based data center company, DataVolt, signs a multi-year partnership agreement with the company.
03:18Stock has rallied like more than 40 percent this week.
03:21It's on track for its best week since November.
03:23So, a lot of attention on that one.
03:26And so, yeah, popping to the upside.
03:29Another name that plays certainly into the tech space, we're talking about AMD.
03:33This is your second biggest gainer in the NASDAQ 100.
03:36And it is your second biggest gainer, I believe, no, fourth biggest gainer in the S&P 500.
03:42So, again, an outperformer, up about 4.7 percent today.
03:46The company's board approving a $6 billion share buyback plan, about 3.3 percent of the company's current market value, according to our Bloomberg data.
03:54So, that was a big deal.
03:56I also want to point out B of A saying NVIDIA and AMD have big opportunity related to AI infrastructure projects with Saudi Arabia.
04:03All of that news out of the Middle East, a lot of it has had to do with chips and AI developments.
04:07And one more I just want to mention, because Alphabet, it was also a top gainer in the S&P and NASDAQ.
04:13It was up about 3.7 percent in today's session.
04:16In terms of news, Benzinga highlighting a Davidson analyst who said in an interview with Yahoo Finance, there's a whiteboard on that one,
04:24proposing that Alphabet should contemplate splitting up Google's various businesses to enhance its overall value,
04:29and said that the value could skyrocket to over $3 trillion with a Google big band breakup over isolated spinoffs.
04:38So, I don't know, just some interesting speculation there.
04:40All right, you had an easy job with the gainers today.
04:42I had to search far and wide to find a few stocks in the red.
04:45You scrounged a couple of up.
04:47What did you say, Scarlett?
04:48You scrounged them up.
04:48I did.
04:49I scrounged them up.
04:50I'm going to have to explain a few of them.
04:51I want to start with Lockheed Martin shares falling after the company's management set in an industry conference earlier today
04:57that they see some, quote, additional cost pressure on their classified aeronautics program.
05:02That's all we know because it's classified.
05:04It's down about 2.3 percent on the day today.
05:08American Eagle Outfitters also falling today.
05:09We're getting more retail stocks this week, and we'll hear from Walmart tomorrow.
05:13Before that, though, American Eagle Outfitters falling after the company pulled its guidance for the full year
05:18due to a disappointing first quarter with a 3 percent decline in comp sales, a 5 percent decline in revenue from a year earlier.
05:25They're also registering a $75 million charge related to a write-down of spring and summer merchandise.
05:30They withdrew their outlook due to macro uncertainty, which they didn't call out tariffs specifically with that withdrawing of the outlook,
05:37but I guess you could throw tariffs into it.
05:38I feel like that's a code word for tariffs, right?
05:40Yeah, that's what we talked about a little earlier, too.
05:42Yeah, it kind of means all the same thing.
05:44And finally, KinderCare, ticker KLCUS, down 8.5 percent today.
05:49It's an Oregon-based early childhood education and child care services company.
05:53The shares fell as much as 15 percent in the session, ended off its lows.
05:59The company reported first quarter revenue that missed estimates.
06:02Operating income, though, did beat analyst estimates, and the company maintained its full year 2025 guidance.
06:08Analysts flagged a delay in new customer enrollments as the main driver for the revenue miss.
06:12All right, guys, I just want to go to the bond market, because if you're bored by the equity market,
06:15just go ahead and look at the bond market, because that actually, fun things did stuff there.
06:18You had the front-end bond market up about five basis points, the back-end up as well, about six basis points.
06:25So the whole curve hasn't gotten any steeper, but the whole curve is re-rating a bit higher.
06:30I kept hearing how four was going to be that top on the two-year, but we're above that now.
06:35Both of them, for the two and the ten, they're at the highest level since the end of February.
06:39And is that a reaction to the GOP tax bill in Washington, or is that just some sort of rebalancing,
06:47or is that position resizing as we continue to get this data coming through?
06:52All right, guys, let's get to some earnings crossing.
06:54We're talking about Cisco.
06:55Let's go right to the red sticky, because it's about the outlook.
06:57So the company sees fiscal year revenue, $56.5 to $56.7 billion.
07:03It had seen $56 to $56.5.
07:06So a little bit of a movement to the upside.
07:08The stock is moving just a little bit higher as well, up about two-tenths of a percent.
07:13The company also seeing fiscal year-adjusted EPS of $3.77 to $3.79 a share.
07:20It had seen $3.68 to $3.74.
07:22So again, a bump to the upside.
07:25And again, the stock moving just a little bit higher, up about eight-tenths of a percent here in the aftermarket.
07:29Okay, I'm watching CoreWeave, which in the after hours is moving higher.
07:33This is a relatively new company to go public.
07:37It operates in the data and AI data management space.
07:41CoreWeave's first-quarter revenue coming in at $981.6 million.
07:46First-quarter adjusted EBITDA coming in at $606.1 million.
07:50First-quarter adjusted EBITDA margin of 62%.
07:52First-quarter loss per share of $1.49.
07:56Since the company did hit a record high ahead of that first earnings report, shares in the after hours right now higher by about 3%.
08:04Yeah, but it's really going to depend on what kind of commentary they give in their outlook because people are really looking at CoreWeave as perhaps a barometer for the willingness of companies to spend on building out those data centers.
08:15So, it's going to be the big read on AI spending until we get to NVIDIA in a couple of weeks.
08:20All right, guys.
08:21So, let's see if we can do this one clearly because there was, what, HBO, there was Max, there was HBO Now, HBO Go, and then you had, what was it?
08:32I think Max came at the end of that, though.
08:34Max.
08:34I know.
08:35It was like all these things.
08:36It's confusing even for somebody who watches it all the time.
08:38Exactly.
08:38And that's the issue.
08:38And now what they're doing is they're bringing back, I would say, one of the most iconic names when it comes to programming.
08:44Okay, so two years ago, HBO or Warner Brothers Discovery, the parent company of HBO, ditched the HBO brand.
08:51And I think a lot of people were like, wait a second, what are you doing?
08:54HBO is this brand that is known for content from, I mean, you know, the Sopranos.
09:01Sex and the City.
09:02Yeah.
09:03This is like...
09:04Iconic.
09:04And they were trying to replace it with Max.
09:06They thought Max would actually convey the media company's broad reach of programming.
09:11Guess what?
09:11They're bringing back the HBO part of it.
09:13HBO Max.
09:14It is back.
09:16Do you think they did a focus group?
09:17Oh, yeah.
09:18Not two years ago, I guess.
09:21How long do you think it'll take before they drop the Max completely?
09:23Yeah.
09:24Like, it's just going to go back to HBO.
09:25We'll have come full circle after a couple years.
09:28You know, every two years will be brand.
09:29Here's my question.
09:30I can't keep track of how many streamers that I have.
09:33So what about this idea?
09:33What if you bundle all them together and then I just pay one bill every month?
09:39What do you guys think about that?
09:39I think you can call a company such as Comcast to do that.
09:42Wow.
09:43Isn't that, like, mind-blowing?
09:43You know, the history of media is all about bundling and unbundling.
09:46And right now we're, like Alex...
09:48Renaming and unnaming.
09:49Yeah.
09:49We're moving towards bundling again.
09:51Exactly.
09:51It's getting as expensive as it used to be.
09:53All right, guys.
09:54That's a wrap.
09:54So it is HBO Max.
09:55HBO Max.
09:56Yeah.
09:57Okay.
09:57I always called it HBO.
09:58It doesn't matter.
09:59I know, right?
10:00Right?
10:00Good for you.
10:00That's because we're old school, Scarlett.
10:02I know.
10:02That's true.
10:03Revealing our age.
10:04All right, guys.
10:04That's a wrap.
10:06Our cross-platform coverage.
10:07Radio TV, YouTube, Bloomberg and Rachel's.
10:08We all do it all.
10:10We're going to continue, certainly here on radio.
10:12And, of course, Scarlett and Alex are going to continue there on the TV side.
10:15We will see you again, same time, same place, tomorrow.
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